| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7743 |
| 来源ID | Working Paper 7743 |
| Savings and the Terms of Trade Under Borrowing Constraints | |
| Pierre-Richard Agenor; Joshua Aizenman | |
| 发表日期 | 2000-06-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade in contrast to what conventional consumption-smoothing models would predict. The second part tests for the existence of asymmetric effects of terms-of-trade disturbances using an econometric model that controls for various standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub-Saharan Africa for the period 1980-96, indicate that increases in the permanent component of the terms of trade (measured using three alternative filtering techniques) tend indeed be associated with higher rates of private savings. |
| 主题 | Microeconomics ; Behavioral Economics ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w7743 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565315 |
| 推荐引用方式 GB/T 7714 | Pierre-Richard Agenor,Joshua Aizenman. Savings and the Terms of Trade Under Borrowing Constraints. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7743.pdf（508KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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